The inability to legally access imported gold through a clear policy mechanism has forced businesses to use unaccounted-for gold sources to maintain production and supply to the market.

Rising dollar and fading rate cut hopes send global gold markets into a testing period ahead of the Fed’s key policy meeting.

As gold prices in Vietnam climb past US$6,300 per tael, the government considers new tax measures and their broader market impact.

The Vietnam Association of Financial Investors (VAFI) has proposed that jewelry and gold bar trading be subject to a VAT under the deduction method with a tax rate of 10 percent.

Gold prices plunged sharply at the opening of Asian trading on November 4, with spot gold falling more than USD 45 overnight to USD 3,980 per ounce (equivalent to a loss of about 1.5 million VND per tael).

Gold prices have surged by hundreds of dollars, and experts say that sharp rises followed by corrections are normal. What has caused both global and domestic gold prices to fall and how long will the downward trend last?

Tran Thi Hoan, 40, from Lao Cai province, has been identified as the ringleader of two large-scale operations that smuggled over 546 kilograms of gold, valued at more than USD 49 million, from China into Vietnam.

As gold prices have surged and supply has become scarce, gold black markets are booming on social media, posing high risks of scams. Many residents in Hanoi have flocked to their hometowns to ‘hunt for gold’.

As gold prices continue to skyrocket in Vietnam, consumers are shifting from traditional SJC gold bars and gold rings to lower-purity 98% gold, also known as gold 980, due to persistent supply shortages.

Authorities have uncovered two major gold smuggling networks that trafficked more than 546kg of gold - valued at over $48 million - from China into Vietnam through the Lao Cai border.

The State Bank of Vietnam (SBV) held a seminar in Hanoi on October 15 to discuss the establishment of a gold exchange.

The new centralized gold exchange will help unlock gold reserves, improve transparency, and strengthen market oversight.

The export tariff for gold or silver products has been reduced from 1% to 0%, according to a recent Government decree.

Global gold rally continues as central banks and retail investors drive prices toward USD 4,000.

Several new regulations take effect in October, including a policy requiring gold transactions valued at VND20 million or more per day for a single customer to be conducted through a payment account.

Experts have suggested that taxes should not be applied to gold used for weddings or consumer jewelry, but only to income from gold bullion investments.

Vietnam’s central bank establishes a quota-setting council for gold imports and exports, led by the Deputy Governor.

Vietnam’s National Competition Commission penalizes gold traders and TPBank for misleading practices.

Vietnam will allow commercial banks to produce and import gold bars from October 10 under new government regulations.

Some propose a 20% tax on profits from gold trading, while others suggest a lower rate based on total transaction value.